Femi Otedola turns into the primary Nigerian billionaire to commend the brand new tax reform legal guidelines

The passage of 4 tax reform payments into regulation by President Bola Tinubu has sparked optimism amongst traders, with billionaire businessman Femi Otedola expressing his intention to take a position extra within the Nigerian economic system.

The brand new legal guidelines intention to remodel tax administration, improve income era, and enhance the enterprise surroundings.

Otedola’s sentiments are echoed by different stakeholders, who see the tax reforms as a constructive step towards enhancing Nigeria’s enterprise surroundings.

“I’m impressed to take a position extra, and plenty of different traders share the identical sentiment,” Otedola stated on X.

The 4 Tax Reform Payments

The signed payments embody the next:

Nigeria Tax Invoice (Ease of Doing Enterprise): Consolidates fragmented tax legal guidelines right into a harmonized statute, decreasing complexity and selling equity.
Nigeria Tax Administration Invoice: Establishes a uniform framework for tax administration throughout federal, state, and native governments.
Nigeria Income Service (Institution) Invoice: Replaces the Federal Inland Income Service with a extra autonomous and performance-driven nationwide income company.
Joint Income Board (Institution) Invoice: Facilitates cooperation between income authorities and introduces oversight mechanisms.

Affect on the Financial system

In accordance with Otedola, the tax reforms are a “daring, mandatory step towards a extra clear, environment friendly, and investment-friendly economic system.”

He believes that the reforms will cut back complexity and promote equity in tax assortment; restore confidence in using public sources; fund infrastructure and unlock productiveness; and gas inclusive development.